During a recent questionnaire related to the 30th anniversary of STEP, I was asked what the biggest or most significant change was that I have seen in my time in the industry. I suggested that by far the biggest changes that have affected both practitioners and our clients have been the advent of regulation, ever-increasing legislation (including anti-money laundering and counter-terrorist financing laws) and, most definitely, the globalisation of tax collection and reporting as governments seek to plug domestic deficits. This has all proved to be a heavy burden to businesses in terms of costs and compliance. Thankfully, the advent and rapid development of digitalisation has transformed the way we operate and communicate with each other. To a great extent, it has also facilitated compliance with those new and often complex requirements to report.

Duncan McGowan TEP and Rosie Todd remind us of this in their contribution in this issue of the STEP Journal, where they consider regulatory changes and the growing complexity of trust reporting obligations. Certainly, technology came into its own with the introduction of and compliance with the US Foreign Account Tax Compliance Act and then the OECD Common Reporting Standard.

Harvey Cammell and Tom Christopherson’s article examines the attribution of works of art. Our old ‘friend’, the EU Fifth Anti-Money Laundering Directive, has focused attention on due diligence into the buyers and sellers of art. Knowing the ‘chain’ of ownership of a painting is understandable, but this fascinating article also informs us about the involvement of ‘blockchain’ (who would have thought it?) and the implications for the world of art.

The significant changes referred to above have, in the main, been introduced with reasonable notice, at a gradual pace and with sufficient time to consult and prepare. Not so with the COVID-19 pandemic, which had an almost immediate and shocking impact. Thankfully, financial services businesses with robust business continuity plans and those invested in digital technology have responded well, while others have accelerated their digital transformation programmes.

Meanwhile, we can all continue to provide services to our clients, even if not face-to-face in the short term, coupled with the ability operate and meet remotely. STEP students can benefit from well-established distance-learning programmes, including virtual classrooms, while webinars are now accessible to all members worldwide.

As we and our clients face the next challenge, we will continue to adapt and prepare for the future. As Winston Churchill said: ‘To improve is to change; to be perfect is to change often’. More changes are on the way.